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S&P downgrades Kuwait
S&P said it lowered its long-term foreign- and local-currency sovereign credit ratings on Kuwait to AA- from AA.
The outlook is stable.
At the same time, the agency affirmed its A-1+ short-term foreign and local currency sovereign credit ratings on Kuwait.
S&P also revised its transfer and convertibility assessment for Kuwait to AA from AA+.
“Materially lower oil prices in 2020 and 2021 will have negative economic and fiscal implications for Kuwait, given the country's high reliance on hydrocarbon exports,” S&P said in a news release.
“The oil price drop is happening alongside Kuwait's slow reform momentum, which has generally lagged that of other regional countries in recent years.”
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